Is Trump blowing up the world economy - as well as Iran?

The News Agents

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Monday, 9 March 2026 - 34 minutes

For a Prime Minister obsessed with driving down the cost of living, the ongoing conflict in the Middle East is shaping up to be something of a nightmare. Oil prices have surged, the Bank of England is now expected to raise, rather than cut, interest rates, and the AA is telling drivers to consider cutting down on non-essential journeys due to the price of the pumps.

The war has shown no sign of winding up - indeed over the weekend Donald Trump seemed to leave open the idea that it could last more than six weeks. Remarkably, his press secretary failed to rule out a return of the draft, not seen in America since the Vietnam war. Why? Because the desired endgame for the Trump administration is still very difficult to see. A new Supreme Leader has been installed and appears to be as hardline as his predecessor father. Iranian missiles are still raining down on the region. And if gas prices continue to squeeze Americans, could Trump find himself blinking first?

Later, Tony Blair's off the record remarks about Keir Starmer became very much on the record after his criticisms of the current Prime Minister's resistance to joining the US efforts in Iran made their way into the press. Jon and Lewis discuss why Downing Street is unlikely to be losing any sleep from the advice being dished out by its former occupant.

The News Agents is brought to you by HSBC UK - https://www.hsbc.co.uk/

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